LONDON (dpa-AFX) - Associated British Foods plc (ASBFY.PK, ABF.L) reported that its group revenue for the 16 weeks ended 6 January 2024 was about 6.89 billion pounds up 2.8% at actual currency, and 5.4% higher at constant currency.
At constant currency basis, Primark trading was good overall with sales up 7.9% for the period which was marked by a slow start given the unseasonal warm weather, and strong Christmas trading. Like-for-like sales grew by 2.1% driven by higher average selling prices.
In the UK, total sales in the period rose by 4.5% with like-for-like sales up by 3.8% at constant currency basis.
In Europe excluding the UK, total sales in the period rose by 8.1%, with like-for-like sales up by 1.3% at constant currency basis.
The company said it continues to trade well. It continues to look forward to a year of meaningful progress in both profitability and cash generation, with the profitability improvement being driven by a recovery in Primark margin, a marked improvement in British Sugar profitability, and by reduced losses at Vivergo.
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